This Enpal company profile covers the company's valuation, revenue, funding rounds, investors and history. Enpal works in climate and energy, with a focus on residential solar, batteries and heat pumps. It was founded in 2017 and is headquartered in Berlin, Germany. Its latest valuation on record is More than €2.2 billion (January 2023). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
About €860 million — Annual revenue (reported), as of 2024. Source: Techleap (citing Business Insider).
| Metric | Value | As of | Source |
|---|---|---|---|
| Debt financing | About €700 million from banks and investors including Citi, Barclays, Crédit Agricole CIB and Bank of America | Late 2025 | Techleap |
| Later valuation estimate | About US$2.5 billion (tracker estimate after 2025 round) | April 2025 | Multiples |
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Aug 2026 | Project finance | Up to €65M | n/a (asset financing) | Equitix-led consortium; Keppel Infrastructure Trust, MM Capital Partners, Mizuho Leasing | Dealroom |
| Apr 2025 | Equity round | About €110M | Not disclosed | TPG and SoftBank | Techleap |
| Jan 2023 | Series D | €215M | More than €2.2B | TPG Rise Climate (lead); HV Capital, SoftBank, Princeville Climate | TaiyangNews |
Enpal timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2017 — Enpal is founded in Berlin by Mario Kohle (CEO), Viktor Wingert and Jochen Ziervogel.
- Jan 2023 — Series D: €215M, valuing the company at More than €2.2B. Investors: TPG Rise Climate (lead); HV Capital, SoftBank, Princeville Climate.
- Apr 2025 — Equity round: About €110M. Investors: TPG and SoftBank.
- Aug 2026 — Project finance: Up to €65M, valuing the company at n/a (asset financing). Investors: Equitix-led consortium; Keppel Infrastructure Trust, MM Capital Partners, Mizuho Leasing.
- Late 2025 — Debt financing: About €700 million from banks and investors including Citi, Barclays, Crédit Agricole CIB and Bank of America.
- April 2025 — Later valuation estimate: About US$2.5 billion (tracker estimate after 2025 round).
Investors
Enpal is a Berlin company that installs solar panels, home batteries, heat pumps and electric-car chargers, often on a rental basis so homeowners pay a monthly fee instead of a large upfront cost. It became one of Europe's largest climate-tech startups, valued at more than €2.2 billion in 2023, with revenue of roughly €860 million in 2024. This profile explains Enpal's model, its funding, its huge debt financing and the challenges facing home energy companies.
Enpal's valuation
Enpal's January 2023 Series D of €215 million, led by TPG Rise Climate, valued it at more than €2.2 billion, according to TaiyangNews. In April 2025 it raised about €110 million more from TPG and SoftBank, according to Techleap, citing Handelsblatt and Business Insider; trackers such as Multiples put the valuation at about US$2.5 billion after that round, though the company did not announce one. The 2023 figure is the last valuation stated by the company.
How Enpal's model works
Installing solar panels with a battery and heat pump can cost a German homeowner tens of thousands of euros. Enpal's best-known offer let customers rent the system for a fixed monthly fee over around 20 years, covering installation, maintenance and insurance, with an option to buy the system later. Customers save on electricity bills from day one, and Enpal earns the rental income. It has also offered outright purchases and financing.
Because Enpal pays for equipment upfront and is repaid over years, it needs large amounts of debt and asset financing. It bundles installed systems into portfolios and sells stakes to infrastructure investors, recycling the cash into new installations. In late 2025 it secured about €700 million of financing from banks including Citi, Barclays, Crédit Agricole CIB and Bank of America, according to Techleap, and in August 2026 an Equitix-led consortium agreed to provide up to €65 million by buying a majority stake in subsidiaries that hold a portfolio of home energy systems, with Enpal keeping 10% and running operations, according to Dealroom.
Products and operations
Enpal has expanded beyond solar into home batteries, heat pumps, electric-car wallboxes and an energy management system that controls them together, plus its own electricity tariffs. It trains and employs installers, rather than relying entirely on subcontractors, to control quality and capacity in a market with a shortage of skilled tradespeople. Its systems can be linked into a "virtual power plant", using home batteries to help balance the grid.
Revenue
Business Insider reported that Enpal's revenue fell from about €905 million in 2023 to about €860 million in 2024 as Germany's home solar market cooled after a boom, and that the company aimed for about €1 billion in 2025. In 2022 it said revenue had quadrupled to more than €400 million.
Founders
Mario Kohle, the chief executive, founded Enpal in 2017 with Viktor Wingert and Jochen Ziervogel. Enpal applied a direct-to-consumer approach, with heavy digital marketing and standardised offers, to a sector dominated by small local installers.
Competitive landscape
Enpal competes with 1Komma5°, another Hamburg-based home energy startup; with Zolar and other German solar companies; with energy suppliers such as E.ON and EnBW that sell solar and heat pumps; with heat pump makers including Viessmann (now owned by Carrier); and with thousands of local installers. See our climate tech guide and our largest German startups guide.
Risks
- Market cycles: German demand for home solar and heat pumps fell after subsidy changes and lower energy prices.
- Financing costs: higher interest rates raise the cost of funding rental systems.
- Policy: changes to Germany's heating law and feed-in tariffs affect demand.
- Execution: installation quality and customer service at scale are hard to maintain.
- Balance sheet complexity: large debt and asset sales make its finances harder to read.
Questions to ask
- How many installations does Enpal complete per month, and what share are rentals?
- What is its cost of capital on rental portfolios?
- Is the business profitable after financing costs?
- Will it pursue an IPO or sale?
Timeline in brief
- 2017: founded in Berlin.
- 2021: becomes a unicorn.
- January 2023: €215 million Series D at more than €2.2 billion.
- 2024: revenue of about €860 million as market cools.
- April 2025: about €110 million from TPG and SoftBank.
- Late 2025: about €700 million of debt financing.
- August 2026: up to €65 million project finance from an Equitix-led group.
Enpal at a glance
Enpal is a Berlin home energy company founded in 2017 by Mario Kohle, Viktor Wingert and Jochen Ziervogel. It installs and often rents out solar panels, batteries, heat pumps and wallboxes. It was valued at more than €2.2 billion in a €215 million Series D led by TPG Rise Climate in 2023, raised about €110 million more in 2025 and has secured hundreds of millions of euros in debt and asset financing. Revenue was about €860 million in 2024.
Why rental models suit home energy
Many homeowners would like solar panels or a heat pump but cannot or will not pay a large sum upfront. Renting spreads the cost over years and is often lower than the savings on energy bills, so customers can be better off from the start. For the provider, rental contracts create long-term, predictable income that infrastructure investors value, which is why Enpal can sell portfolios of installed systems to funds and use the proceeds to finance new installations.
What to watch
Watch for a recovery in German home energy demand, further financing deals, profitability and any listing plans.
Takeaways
Enpal turned home solar into a subscription and scaled it with financial engineering. Its future depends on demand recovering and on keeping its cost of capital low.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does Enpal do?
Enpal is a climate and energy / residential solar, batteries and heat pumps company headquartered in Berlin, Germany. It was founded in 2017.
What is Enpal's valuation?
Enpal was valued at More than €2.2 billion as of January 2023, according to TaiyangNews. Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does Enpal make?
Enpal reported About €860 million (annual revenue (reported)) as of 2024, according to Techleap (citing Business Insider).
What was Enpal's latest funding round?
The most recent financing we have verified is a project finance in Aug 2026: Up to €65M, at a valuation of n/a (asset financing). Source: Dealroom.
Who are Enpal's investors?
Investors named in public announcements include TPG Rise Climate, SoftBank, HV Capital, Princeville Climate and Picus Capital.
Who founded Enpal?
Enpal was founded in 2017 by Mario Kohle (CEO), Viktor Wingert and Jochen Ziervogel.
Is Enpal a public company?
No. Enpal is a private company (private, venture backed), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is Enpal headquartered?
Enpal is headquartered in Berlin, Germany.